Bad days for Isilon, Clearwire

It has been a rough few days for two of Washington’s newest publicly traded companies: Isilon Systems and Clearwire.

Shares of Isilon, a digital storage company that was originally backed by Madrona Ventue Group, Atlas Venture and others, tanked after the company released first-quarter results on Wednesday. The company has lost more than 25 percent of its value in the past three days, with the stock now trading just below the IPO offering price of $13 per share. That has caused at least two analyst firms to cut their target price on the stock.

Clearwire fell below its $25 per share offering price on the first day of trading last month and has yet to rebound, with the stock now stuck at about $17.70. And now the broadband wireless company is facing the possibility of additional competition in East Coast markets, reports Red Herring. Alexandria, Va.-based Horizon Wi-com is planning to get service rolling in some of the big East Coast markets before Clearwire and Sprint Nextel get there. Eric Savitz of Barron’s expressed some of his concerns last week: “Unless you are a Craig McCaw worshiper, I have to think there are better alternatives for your money.”